CNX Nifty 50 - Triple Screen 'Technical Analysis' - Takuri Take Off :- Week: 02 September to 06 September: 2013.

Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 30 06 Sept'13

Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 06 Sept'13

Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Apr' 2013, onward - as on 06 Sept'13

Learning from the Past Week: (click here for the previous post)

Patterns:

• The two Takuri Weeks we had seen here and here - give the Bulls a nice Take off #3.
• On the EOW #3, the 'High Wave' Candle we studied earlier, gave the Bears a massive 20% profit, from top to bottom of the fall.

Support & Resistance:

• The 50% Fibonacci retrace of the 'Jan'12 low to All time high' stands again last week  #5.
• The 76.4% Fibonacci Retrace of the 2008 Low to the All time High #3 - supports the Weekly close again.
• 50 SMA on the EOD was the resistance the Bulls ran into last week #5 - after breaking through the previous EOD channel bottom.

Moving Averages:

• 50 SMA and 200 SMA stay crossed bearishly in a Death Cross #5. 
• 200 SMA on the Medium Term #3 - holds the Index in closing, for the third week running..
• 5 EMA and 13 SMA stay Bearishly Crossed #1, giving the Bears the Long Term Screen..
• On the EOD 5 EMA and 13 SMA cross Bullishly #5.

Indicators:

• 'Trend Deviation' Indicator #2 on the long term charts show Bulls attempting to return to the positive.
• STS #4 runs into resistance.

After running into the Takuri Line twice Bulls take off to the 50 SMA...

Looking Forward into the next Week:

Patterns:

• The Double Takuri Line's effect #3 studied earlier (here and here) still persists..

Support & Resistance:

• The new day channel shows the Bulls clearing the mid point. #5.
• The 50% Fibonacci retrace of the 'Jan'12 low to All time high' remains support for the Bulls like in last week #5.

Moving Averages:

• 200 SMA and 50 SMA on the Day Charts remaining Bearishly Crossed #5, keeps the Bulls under pressure. 
• 200 SMA on the EOW - to be watched for failure.
• 13 SMA and 5 EMA on the Medium Term #3 next on watch list by the Bulls for a Cross.

 Indicators:

• STS remaining below its resistance line - critical for Bears to stay in the game.

Bears desperate to get below the 200 SMA on the EOW #3 after three consecutive failures. Bulls want life above the 200 SMA on the EOD #5.